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32 Westchester Ct. - Birmingham, AL 35215
PROPERTY Stats
96%
Occupancy
2006
Placed in Service
204,048
sF
PROPERTY OVERVIEW
Magnolia Court is a 240-unit affordable housing community located in Birmingham, AL. The property is conveniently located minutes from major retailers including Walmart, Sam’s Club, The Home Depot, and ALDI. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well. Birmingham is home to several institutions of higher education that are easily accessible from the property, with Jefferson State Community College located just a mile away.
The property was built in 1974 and rehabbed and placed in service in 2006 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be
rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by the Alabama Housing Finance Authority (AHFA).
Magnolia Court offers one, two, and three bedroom apartment homes featuring large closets, ceiling fans, air conditioning, a patio/balcony, full size washer and dryer, and a kitchen equipped with refrigerator, dishwasher, microwave, and disposal. Community amenities include on-site management, on-site maintenance, playground, fitness center, business center, community room, and a swimming pool.
Exceptionally Operated Asset with Vacancy Rate Below 5% & 6% Over the Trailing-3 & 12 Months, Respectively
Birmingham is Home to Two of the Largest Soft-Drink Bottlers in the U.S., the Coca-Cola Bottling Company United and Buffalo Rock Company (a Major Bottler for the Pepsi Cola Company) Each Earn More than $500 Million in Sales Per Year
The Birmingham MSA has Experienced Excellent Income Growth with the HUD Median Family Income Increasing from $63,100 in 2017 to $94,400 in 2024, Directly Resulting in Prominent Growth in the LIHTC Rent and Income Limits
Birmingham is Home to a Number of Higher Education Institutions Including the University of Alabama at Birmingham, Samford University, Birmingham-Southern College, and Miles College
INVESTMENT HIGHLIGHTS
BRANDON GRISHAM
Senior Managing Director
Affordable Housing
WA License #: 98101
253.653.3313
brandon.grisham@berkadia.com
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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BRANDON GRISHAM
Senior Managing Director
Affordable Housing
WA License #: 98101
253.653.3313
brandon.grisham@berkadia.com
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INVESTMENT ADVISORS
mike terry
Director
Affordable Housing
MT License #: 89005
425.761.1640
mike.terry@berkadia.com
Director
Multifamily
AL License #: 000115398-0
205.403.5538
john.mccrary@berkadia.com
John McCrary
2204 Lakeshore Dr.
Suite 120
Birmingham, AL 35209
BIRMINGHAM OFFICE
2204 Lakeshore Dr.
Suite 120
Birmingham, AL 35209
BIRMINGHAM OFFICE
Senior Director
Multifamily
AL License #: 318779
256.682.9143
david.wilson@berkadia.com
David Wilson, MAI
MORTGAGE BANKING
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
MORTGAGE BANKING
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
240
UNITS
Senior Director
Multifamily
AL License #: 318779
256.682.9143
david.wilson@berkadia.com
David Wilson, MAI